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ARTICLE · 08 NOVEMBER 2012

Measure Creates New Borrowing Authority For Additional Economic Development Funding

Bradley Arant Boult Cummings LLP
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By a resounding 69% affirmative vote, Alabamians approved a measure that amends an existing Alabama Constitutional Amendment to allow the State to issue general obligation bonds to finance economic development incentives.

United StatesStrategy
Christopher Grissom
Christopher Grissom
Alex Leath
Alex Leath

Economic Development News

By a resounding 69% affirmative vote, Alabamians approved a measure that amends an existing Alabama Constitutional Amendment to allow the State to issue general obligation bonds to finance economic development incentives. This new authority permits periodic borrowings so long as at no time more than $750 million of bonds issued under the amendment are outstanding. The amendment results in an immediate increase in the State's borrowing capacity to $160 million (up from only $30 million). The passage of the amendment by such a strong margin shows the commitment that the government and the people of Alabama have to foster economic development. The state's major business and trade associations, as well as Governor Robert Bentley, supported the amendment.

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